Press release
Coconut Market to Reach USD 22.20 Billion by 2032 with 7.05% CAGR Driven by Rising Veganism
Coconut Market
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♦ Key HighlightsaMarket Size:
Market Size: USD 12.87 Billion in 2024; expected to reach USD 22.20 Billion by 2032 at 7.05% CAGR.
Leading Segment: Coconut Oil; widely used in food, pharmaceuticals, and cosmetics.
Fastest-Growing Region: Asia Pacific; abundant production and high regional consumption.
Market Drivers: Rising veganism, demand for plant-based dairy alternatives, health consciousness, and ethical consumerism.
Key Players: ZICO Beverages, Vita Coco, Ducoco Alimentos SA, Dabur, Danone, So Delicious, Renuka Foods.
♦ Market Outlook
The Coconut Market is witnessing strong growth due to diversified applications, including food & beverages, cosmetics, and nutraceuticals. Coconut oil remains the dominant product type, while coconut milk is gaining traction as a popular dairy substitute. Innovations in value-added products such as coconut snacks and beverages further boost market expansion.
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♦ Regional Insights
Asia Pacific dominates production and consumption, driven by traditional culinary use and increasing export demand. North America holds over 43% of global coconut product sales, maintaining a strong market presence with growing consumer preference for vegan and health-oriented products.
♦ Key Players & Competitive Landscape
Major companies in the global coconut market include ZICO Beverages, Vita Coco, Ducoco Alimentos SA, Dabur, Danone, So Delicious, Renuka Foods, and Maverick Brands. These players focus on expanding product portfolios, entering new markets, and adopting sustainable sourcing practices.
♦ Quote
"Rising consumer preference for plant-based diets and functional foods positions the coconut market for robust growth over the next decade," said Priya Menon, Senior Analyst at Maximize Market Research. "Companies focusing on innovation and sustainability will likely capture significant market share."
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